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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

After US Infrastructure Bill, Oil Prices Rose while Chinese Export Increased

  • By Al Mayadeen net
  • Source: Reuters
  • 8 Nov 2021 14:34
  • 1 Shares
2 Min Read

Oil prices are on the rise today after the state-owned Saudi oil production firm Aramco raised the official selling price for its crude, indicating that demand is still strong.

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  • Saudi Aramco's Ras Tanura oil refinery and terminal. (Image source: Simon Dawson / Bloomberg)
    Saudi Aramco's Ras Tanura oil refinery and terminal. (Image source: Simon Dawson / Bloomberg)

Positive indicators of global economic development boosted the outlook for energy consumption on Monday. Simultaneously Saudi Arabia's state-owned producer Aramco upped the official selling price for its petroleum, according to Reuters.

After falling over 2% last week, Brent crude's price was up 91 cents, or 1.1%, at $83.65 a barrel at 10:28 GMT. On the other hand, after falling over 3% through Friday, US oil rose $1.13, or 1.39%, to $82.40.

President Biden hailed the adoption of a long-delayed $1 trillion infrastructure bill by Congress on Saturday, saying it could increase GDP and fuel demand.

China's Growth Increased

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China's export growth slowed in October, but it outperformed expectations, thanks to increased global demand ahead of the Christmas season and improvements in coronavirus-affected supply chains.

Tamas Varga, an analyst at PVM Oil Associates, told Reuters that, "The impressive growth in Chinese October exports and imports implies that the health of the world's second-biggest economy is on the mend."

Late Friday, Saudi Arabia boosted the price of its benchmark crude for Asian clients in December, beating market expectations.

As more governments ease restrictions on air travel due to the coronavirus, demand for jet fuel is expected to rise as well.

Oil Prices on the Rise after OPEC+ Refused a US Call to Boost Production

On November 5, oil prices had risen more than 1%, to compensate for some price losses after OPEC+ rejected an American call to increase supplies to cool the market.

On November 4, the OPEC+ group of major producers agreed to continue to their plan to increase oil supply by 400,000 barrels per day (BPD) from December, despite calls from US President Joe Biden for more output to calm surging prices.

Saudi Arabia, the top OPEC producer, ignored requests from the Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, for faster increases, citing economic headwinds.

  • economy
  • China
  • OPEC+
  • Oil prices
  • Aramco

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